88 Energy Expects To Spud Charlie-1 Well In "Late February"

(Alliance News) - 88 Energy Ltd said Wednesday it expects to spud the Charlie-1 appraisal well, ...

Alliance News 12 February, 2020 | 9:35AM
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(Alliance News) - 88 Energy Ltd said Wednesday it expects to spud the Charlie-1 appraisal well, located on the North Slope of Alaska, in late February.

The oil & gas firm said the permit to drill was approved on Tuesday, and all permits required for drilling the well are now in hand.

Meanwhile, the ice road to Charlie - 1 location is now 80% complete, and the company expects it to be finished in the next two weeks.

The ice pad construction is due to commence "shortly" and mobilisation of the Nordic Rig 3 to site should begin in approximately 10 days, the company said.

Dave Wall, managing director of the company, said: "Excellent progress has been made on the ice road construction, despite extremely cold temperatures. All permits are now in hand ahead of the scheduled spud in late February."

88 Energy shares were trading 6.7% higher in London at 1.20 pence each on Wednesday.

By Loreta Juodagalvyte; loretajuodagalvyte@alliancenews.com

Copyright 2020 Alliance News Limited. All Rights Reserved.

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Securities Mentioned in Article

Security Name Price Change (%) Morningstar
Rating
88 Energy Ltd 0.29 GBX 1.75 -
88 Energy Ltd 0.01 AUD 0.00 -

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